Wednesday, November 27, 2024
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Loans

The-Union-Dallas
LoansOfficeRetailTexas

Goldman Sachs Provides $227M Loan for Refinancing of Office, Retail Property in Uptown Dallas

by Taylor Williams

DALLAS — Goldman Sachs has provided a $227 million loan for the refinancing of The Union, a 505,994-square-foot office and retail property in Uptown Dallas. The Union’s 21-story office building was completed in 2018 and offers amenities such as a fitness center, tenant lounge and conference facility. Tenants include Salesforce, Invesco, Akin Gump and Weaver. A Tom Thumb grocery store anchors the property’s retail component, which is also home to restaurants The Henry and North Italia. Jim Curtin, Greg Napper and Rex Cruz of JLL arranged the loan on behalf of the borrower, a joint venture between KB Asset Management and RED Development. The Union also houses a 309-unit apartment community.

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Sixth-&-Blanco-Austin
DevelopmentLoansMixed-UseTexas

Riverside, MML Hospitality Break Ground on Mixed-Use Project Near Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between two locally based companies, developer Riverside and operator MML Hospitality, has broken ground on Sixth&Blanco, a mixed-use project located just west of downtown Austin. The site spans 1.6 acres at the corner of West Sixth and Blanco streets. The mass timber development will consist of 10 for-sale residences, a 57-room hotel, retail and restaurant space, art galleries and a members-only social club. Swiss architectural firm Herzog & de Meuron is designing Sixth&Blanco. Arvest Bank provided a $193 million construction loan for the project, with Prosperity Bank and Southside Bank also contributing to the financing.  

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IllinoisLoansMidwestMultifamily

JLL Arranges $25M Loan for Refinancing of Multifamily Property in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — JLL Capital Markets has arranged $25 million for the refinancing of Arden Townhomes, a 60-unit, newly constructed multifamily property in the Chicago suburb of Warrenville. Completed in 2024, the property is situated in the city’s Cantera neighborhood. The asset features three-bedroom units averaging 1,898 square feet along with shared amenities. Trent Niederberger and Philip Galligan of JLL arranged the two-year, floating-rate loan on behalf of the borrower, Cantera Townhomes LLC. An entity managed by Argentic Investment Management LLC provided a $20 million senior loan, and Pearlmark provided an additional $5 million of mezzanine financing.

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Ares-Mgmt-Portfolio-CA
CaliforniaIndustrialLoansWestern

Cushman & Wakefield Arranges $475M CMBS Financing for 4.8 MSF Industrial Portfolio for Ares Management

by Amy Works

LOS ANGELES — Cushman & Wakefield, on behalf of an Ares Management Real Estate fund, has arranged $485 million in financing backed by a 4.8 million-square-foot, 25-building industrial portfolio spanning 16 markets in 12 states. The floating-rate, CMBS single-borrower (SASB) financing was provided by a syndicate led by J.P. Morgan, with Morgan Stanley and Natixis Corporate & Investment Banking as joint bookrunners. Rob Rubano, Gideon Gil, Brian Share, Joe Lieske, Ernesto Sanchez and Lars Weston of Cushman & Wakefield Equity, Debt and Structured Finance led the financing. Managed by Ares Industrial Management, the portfolio is currently 97 percent leased to 58 tenants. The properties feature Class A and Class B, bulk warehouse and light industrial assets. The individual assets offer a variety of industrial features, including 30-foot average clear heights, ample dock doors and an average 5 percent of office space square footage across the portfolio. The portfolio includes two properties in the San Francisco Bay area totaling 518,300 square feet; three properties in Southern California totaling 344,700 square feet; five properties in Houston totaling 693,900 square feet; a 722,500-square-foot property in Reno, Nev.; and a 797,600-square-foot property in Atlanta. The remaining properties in the portfolio are spread across Salt …

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Danville-Livery-Danville-CA.jpg
CaliforniaLoansOfficeRetailWestern

PSRS Secures Refinancing for Two Adjacent Office and Retail Properties in Danville, California

by Amy Works

DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.

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LoansMultifamilyNortheastPennsylvaniaStudent Housing

BridgeInvest Provides $54.3M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams

PHILADELPHIA — BridgeInvest has provided a $54.3 million loan for the refinancing of The Avery, a 796-bed student housing property in Philadelphia. The Avery, which serves students at Temple University, features one- and two-bedroom units and amenities such as a fitness center, community kitchen, lounge areas, game rooms and study spaces. The property also houses 5,900 square feet of ground-floor retail space. The undisclosed sponsor acquired The Avery in 2021 and implemented capital improvements and rebranded it from The Edge.

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HealthcareLoansNew JerseyNortheastRetail

G.S. Wilcox Arranges $26.2M Loan for Refinancing of Northern New Jersey Retail, Healthcare Property

by Taylor Williams

HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.

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LoansNew YorkNortheastOffice

Cushman & Wakefield Places $24M Acquisition Loan for Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has placed a $24 million acquisition loan for The Plant, a 246,343-square-foot office building located at 321 W. 44th St. in Midtown Manhattan. The building was 56 percent leased at the time of the loan closing to tenants such as Broadway Dance Center, TagWall, AKA NYC Limited, Sony Records and Sunlight Studios. Chase Johnson and Caleb Riebe of Cushman & Wakefield originated the debt through an undisclosed life insurance company. The name of the borrower was also not disclosed.

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DevelopmentFloridaHospitalityLoansMixed-UseSoutheast

BD Hotels Secures $75M Construction Financing for Hotel at Nora District in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — BD Hotels has secured a $75 million construction loan for The Nora Hotel, a 201-room hotel to be developed within the Nora District mixed-use project in West Palm Beach. Metropolitan Commercial Bank provided the financing, which Steven Klein and Mark Fisher of JLL arranged on behalf of the borrower. Developed in partnership with NDT Development, Place Projects and Wheelock Street Capital, the property will feature Pastis West Palm Beach as a ground-floor restaurant, and STARR Restaurants will operate the hotel’s rooftop restaurant and lounge, as well as the hotel’s in-room dining service. A construction timeline for the hotel was not disclosed. Phase 1 of the Nora District broke ground in June 2023 and will feature 150,000 square feet of retail, office and hospitality space. Confirmed retailers at the project include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, [solidcore] and Sunday Motor Co.

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The-Timbers-San-Marcos
LoansMultifamilyStudent HousingTexas

Orion Real Estate Refinances 253-Bed Student Housing Property Near Texas State University

by Taylor Williams

SAN MARCOS, TEXAS — Orion Real Estate Partners has refinanced The Timbers, a 253-bed student housing property located near the Texas State University campus in San Marcos. The loan amount was not disclosed. The Timbers houses 155 units in one-, two- and three-bedroom configurations. Select apartments offer wood-burning fireplaces and vaulted ceilings. Shared amenities include a pool, clubhouse with an arcade, pet park, full basketball court, 24-hour fitness center and a barbecue station. Dan Kearns, Patricia Heminger, Rebecca Brielmaier and Katia Novi of JLL originated the debt.

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